Erik Oostwegel continues: "Increased sales efforts resulted in an 8% improvement in order portfolio at normalised currency rates. We will continue to focus on project acquisition and increasing our utilisation rates in the second half of the year in order to deliver a sustainable financial performance for the full year.”
Key figures first half year
(€ million unless otherwise mentioned)
|Operating margin (recurring)||3.6%||2.3%|
|Free cash flow||-24||-37|
* EBITA recurring excludes non-operational items which were €0.6 million negative in H1 2016 (H1 2015: €3.5 million negative).
Exchange rate differences negatively impacted operating income and added value. Excluding the impact of currency effects, operating income increased by 2% and added value increased by 4% compared to H1 2015.
EBITA recurring performance is back on track with €11.3 million as a result of cost saving activities in the Business Lines, better project results and more workable days. As a consequence, the net half year result of € 4.5 million represents a substantial increase compared to H1 2015. Recurring operating margin is moving in the right direction at 3.6%.
Free cash flow is negative for H1 2016 which reflects normal seasonality and it improved compared to H1 2015. The company continues to have a very solid balance sheet.